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Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group, Inc.

Company highlights

The annual dividend per share has risen for 5 consecutive years.

Key figures

Period Apr 2025 to Mar 2026Parent onlyJapanese GAAP

RevenueDisclosed ¥1.5T
Operating marginCalculated 96.2%
Net assets to total assetsCalculated 5.5%

Company profile

Securities code 8306 / EDINET code E03606 / Banks / Fiscal year end March 31

千代田区丸の内一丁目４番５号／Capital stock ¥2,141,513 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
半沢淳一 Representative
345 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-24

Profitability ★★★★★position among all companies 96.2%
Growth (revenue, 4-year average) ★★★★★position among all companies 23.7%
Capital efficiency ★★★★☆position among all companies 11.3%

Business activities and revenue composition

Breakdown by business: not published

Revenue and profit

Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Depreciation ¥10.0 billion Parent only
Commission fees ¥7.7 billion Parent only
Profit by stage Ordinary income ¥3,410.2 billion Consolidated
Net income ¥2,427.2 billion Consolidated
Operating income ¥1,399.8 billion Parent only

Mitsubishi UFJ Financial Group

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Depreciation ¥10.0 billion (56.6%)57%Commission fees ¥7.7 billion (43.4%)43%¥17.7B
  • Depreciation　¥10.0 billion
  • Commission fees　¥7.7 billion

Performance, financial position and capital allocation

Finance
5.5% Net assets to total assets Industry median 5.0% FY ending 3/2026 · consolidated / calculated
0.6% Return on assets (ROA)
¥1,973.3 Net assets per share
¥-18,590.5 billion Free cash flow
¥431,731.5 billion Total assets
¥511.5 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
-1647.1% Cash conversion Industry median -1133.8% FY ending 3/2026 · consolidated / calculated
74.9% Property, plant and equipment purchases relative to depreciation ★★★☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
-2.6% Extraordinary gains and losses relative to ordinary profit ★★☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated

Mitsubishi UFJ Financial Group

Long-term revenue, profit and asset trends

Period 2013 to 2026Source Annual securities reportsDisclosed

Mark on the chart
3,410 2,273 1,137 0 2013 2015 2017 2019 2021 2023 2025 2026 Ordinary income 2014　Ordinary income (loss) as a share of revenue +4.5 points 2015　Ordinary income (loss) as a share of revenue -2.4 points 2016　Ordinary income (loss) as a share of revenue -3.4 points 2017　Ordinary income (loss) as a share of revenue -4.2 points 2019　Ordinary income (loss) as a share of revenue -4.0 points 2020　Ordinary income (loss) as a share of revenue -3.2 points 2022　Ordinary income (loss) as a share of revenue +7.8 points 2023　Ordinary revenue year on year +52.8%, Ordinary income (loss) as a share of revenue -14.3 points 2024　Ordinary revenue year on year +28.1%, Ordinary income (loss) as a share of revenue +6.9 points 2026　Ordinary income (loss) as a share of revenue +3.7 points 3,410Latest value 2026 3,410¥ billion 3,410Highest in the period shown 2026 3,410¥ billion 1,021Lowest in the period shown 2023 1,021¥ billion ¥ billion

Mitsubishi UFJ Financial Group

Recent performance trends

Source Annual securities reports

3,410 2,273 1,137 0 4 years ago 3 years ago 2 years ago Last year This year Ordinary income ¥ billion

Year-on-year comparison

Period 2013 to 2026Disclosed

Item20222023202420252026
Ordinary revenue ¥6,075.9B ¥9,281.0B ¥11,890.4B ¥13,630.0B ¥14,620.8B
Year on year (%) +0.8% +52.8%◆ +28.1%◆ +14.6% +7.3%
Ordinary income (loss) ¥1,537.6B ¥1,020.7B ¥2,128.0B ¥2,669.5B ¥3,410.2B
Change from prior year +45.9% -33.6% +108.5% +25.4% +27.7%
Ordinary income (loss) as a share of Ordinary revenue 25.3% 11.0% 17.9% 19.6% 23.3%
Change (percentage points) +7.8 points◆ -14.3 points◆ +6.9 points◆ +1.7 points +3.7 points◆

Fiscal periods marked for changes

Earlier fiscal periods (7)
  • 2014Ordinary income (loss) as a share of revenue +4.5 points
  • 2015Ordinary income (loss) as a share of revenue -2.4 points
  • 2016Ordinary income (loss) as a share of revenue -3.4 points
  • 2017Ordinary income (loss) as a share of revenue -4.2 points
  • 2019Ordinary income (loss) as a share of revenue -4.0 points
  • 2020Ordinary income (loss) as a share of revenue -3.2 points
  • 2022Ordinary income (loss) as a share of revenue +7.8 points
  • 2023Ordinary revenue year on year +52.8%, Ordinary income (loss) as a share of revenue -14.3 points
  • 2024Ordinary revenue year on year +28.1%, Ordinary income (loss) as a share of revenue +6.9 points
  • 2026Ordinary income (loss) as a share of revenue +3.7 points

Mitsubishi UFJ Financial Group

Earnings and net assets per share over time

Unit yenSource Annual securities reports

213 142 71 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 1,973 1,316 658 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

Mitsubishi UFJ Financial Group

Return on equity over time

Unit %Source Annual securities reports

11 8 4 -0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Ordinary revenue ¥6,075.9 billion ¥9,281.0 billion ¥11,890.4 billion ¥13,630.0 billion ¥14,620.8 billion
Ordinary income (loss) ¥1,537.6 billion ¥1,020.7 billion ¥2,128.0 billion ¥2,669.5 billion ¥3,410.2 billion
Net income (loss) attributable to owners of parent ¥1,130.8 billion ¥1,116.5 billion ¥1,490.8 billion ¥1,862.9 billion ¥2,427.2 billion
Comprehensive income ¥797.3 billion ¥1,158.8 billion ¥3,316.5 billion ¥2,069.7 billion ¥3,271.2 billion
Net assets ¥17,988.2 billion ¥18,272.9 billion ¥20,747.0 billion ¥21,728.1 billion ¥23,744.2 billion
Total assets ¥373,731.9 billion ¥386,799.5 billion ¥403,703.1 billion ¥413,113.5 billion ¥431,731.5 billion
Net assets per share 1,349.51 yen 1,433.11 yen 1,670.44 yen 1,783.36 yen 1,973.3 yen
Basic earnings (loss) per share 88.44 yen 90.72 yen 124.64 yen 160.01 yen 213.16 yen
Diluted earnings per share 88.05 yen 90.41 yen 124.32 yen 159.47 yen 212.33 yen
Equity-to-asset ratio 4.5% 4.5% 4.9% 5.0% 5.1%
Return on equity 6.7% 6.5% 8.1% 9.3% 11.3%
Net cash provided by (used in) operating activities ¥9,839.9 billion ¥13,431.8 billion ¥-9,844.9 billion ¥6.4 billion ¥-23,064.4 billion
Net cash provided by (used in) investing activities ¥-2,202.7 billion ¥-10,675.1 billion ¥3,986.4 billion ¥-186.9 billion ¥4,474.0 billion
Net cash provided by (used in) financing activities ¥-1,080.4 billion ¥-977.1 billion ¥8.3 billion ¥-861.1 billion ¥-1,149.9 billion
Cash and cash equivalents ¥110,763.2 billion ¥113,630.2 billion ¥109,875.1 billion ¥109,095.4 billion ¥90,045.5 billion
Parent only indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Operating revenue ¥622.6 billion ¥642.0 billion ¥809.8 billion ¥1,343.3 billion ¥1,455.6 billion
Ordinary income (loss) ¥582.5 billion ¥589.6 billion ¥756.3 billion ¥1,286.9 billion ¥1,385.6 billion
Net income (loss) ¥571.9 billion ¥602.2 billion ¥749.4 billion ¥1,275.6 billion ¥1,322.8 billion
Capital stock ¥2,141.5 billion ¥2,141.5 billion ¥2,141.5 billion ¥2,141.5 billion ¥2,141.5 billion
Total number of issued shares (common stock) 13,281,995,120 shares 12,687,710,920 shares 12,337,710,920 shares 12,067,710,920 shares 11,867,710,920 shares
Net assets ¥8,638.8 billion ¥8,412.6 billion ¥8,323.7 billion ¥8,658.0 billion ¥8,634.0 billion
Total assets ¥19,977.0 billion ¥22,642.3 billion ¥23,920.1 billion ¥22,115.0 billion ¥23,795.8 billion
Net assets per share 684.72 yen 699.57 yen 709.77 yen 752.37 yen 764.77 yen
Dividend per share 28 yen 32 yen 41 yen 64 yen 86 yen
Interim dividend per share 13.5 yen 16 yen 20.5 yen 25 yen 35 yen
Basic earnings (loss) per share 44.72 yen 48.93 yen 62.65 yen 109.55 yen 116.15 yen
Equity-to-asset ratio 43.2% 37.1% 34.8% 39.1% 36.3%
Return on equity 6.7% 7.1% 8.9% 15.0% 15.3%
Payout ratio 62.6% 65.4% 65.4% 58.4% 74.0%

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2013 to 2026)Parent-onlyDisclosed

5 periods Consecutive increases (own definition) through FY ending 3/2026
14 periods Consecutive periods with dividends (site definition) through FY ending 3/2026
+34.4% Dividend growth (year on year)
+28.0% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥86 ¥35 74.0%
FY ending 3/2025 ¥64 ¥25 58.4%
FY ending 3/2024 ¥41 ¥20.5 65.4%
FY ending 3/2023 ¥32 ¥16 65.4%
FY ending 3/2022 ¥28 ¥13.5 62.6%
FY ending 3/2021 ¥25 ¥12.5 85.1%
FY ending 3/2020 ¥25 ¥12.5 75.2%
FY ending 3/2019 ¥22 ¥11 205.3%
FY ending 3/2018 ¥19 ¥9 46.6%
FY ending 3/2017 ¥18 ¥9 42.3%
FY ending 3/2016 ¥18 ¥9 45.8%
FY ending 3/2015 ¥18 ¥9 45.9%
FY ending 3/2014 ¥16 ¥7 101.2%
FY ending 3/2013 ¥13 ¥6 108.2%

Mitsubishi UFJ Financial Group

Dividends per share over time

Unit yenSource Annual securities reports

86 57 29 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2026-03-31Disclosed

Share ownership by holder category

1,385,843 Shareholders
37.11% Foreign holders (total) Industry median 15.36%
21.52% Individuals and others Industry median 29.55%

Mitsubishi UFJ Financial Group

Unit %Source Annual securities reports

  • Financial institutions28.58%
  • Securities firms3.35%
  • Other corporations9.41%
  • Foreign holders (institutions)37.09%
  • Foreign holders (individuals)0.02%
  • Individuals and others21.52%
  • Government and municipalities0.03%

Major shareholders

RankShareholderShareholding ratioShares held
1 日本マスタートラスト信託銀行株式会社(信託口) 15.58% 1,762,949,700
2 株式会社日本カストディ銀行(信託口) 5.37% 607,676,500
3 THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DR HOLDERS(常任代理人 株式会社三菱ＵＦＪ銀行) 3.01% 340,637,931
4 STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) 2.74% 310,611,029
5 日本マスタートラスト信託銀行株式会社(明治安田生命保険相互会社・退職給付信託口) 1.54% 175,000,000
6 JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) 1.45% 164,190,844
7 GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) 1.36% 154,245,659
8 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) 1.26% 142,562,953
9 JP MORGAN CHASE BANK 385642(常任代理人 株式会社みずほ銀行決済営業部) 1.23% 139,175,931
10 THE BANK OF NEW YORK MELLON140042(常任代理人 株式会社みずほ銀行決済営業部) 1.0% 114,025,088

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2021 to 2026)Disclosed

Not disclosed Research and development
¥504.9 billion Capital expenditure
Fiscal year Capital expenditure
FY ending 3/2026 ¥504.9 billion
FY ending 3/2021 ¥351.6 billion

Revenue scale in the same industry

Revenue of this company: not retrieved (no comparison)

Workforce information

Source: Annual Securities Report (Apr 2025 to Mar 2026)Parent-onlyDisclosed

3,637 Employees (parent only) Industry median 987
40.3 Average age Industry median 41.0
13.5 years Average length of service Industry median 16.7 years
¥11.70 million Average annual salary Industry median ¥7.29 million
People and organisation
400.2¥ million Sales per employee Industry median 219.1¥ million FY ending 3/2026 · parent company only / calculated
¥384.87 million Operating income per employee
22,200 Average temporary staff

Audit and disclosure information

Annual securities report, year ended 2026-03-31Disclosed

ItemValue
Audit firm 有限責任監査法人トーマツ
Audit fees (this year, total) ¥5.6 billion
Non-audit fees (this year, total) ¥0.4 billion
Audit fees (this year, network firms) ¥4.2 billion
Non-audit fees (this year, network firms) ¥0.8 billion
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (29 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥3,271.2 billion Consolidated
Net cash provided by (used in) operating activities ¥-23,064.4 billion Consolidated
Net cash provided by (used in) investing activities ¥4,474.0 billion Consolidated
Diluted earnings per share 212.33 yen Consolidated
Cash and cash equivalents ¥90,045.5 billion Consolidated
Net assets ¥23,744.2 billion Consolidated
Ordinary income (loss) ¥3,410.2 billion Consolidated
Ordinary revenue ¥14,620.8 billion Consolidated
Total assets ¥431,731.5 billion Consolidated
Return on equity 11.3% Consolidated
Equity-to-asset ratio 5.1% Consolidated
Net income (loss) attributable to owners of parent ¥2,427.2 billion Consolidated
Net cash provided by (used in) financing activities ¥-1,149.9 billion Consolidated
Basic earnings (loss) per share 213.16 yen Consolidated
Net assets per share 1,973.3 yen Consolidated
Dividend per share 86 yen Parent only
Operating revenue ¥1,455.6 billion Parent only
Net income (loss) ¥1,322.8 billion Parent only
Total number of issued shares (common stock) 11,867,710,920 shares Parent only
Net assets ¥8,634.0 billion Parent only
Ordinary income (loss) ¥1,385.6 billion Parent only
Total assets ¥23,795.8 billion Parent only
Return on equity 15.3% Parent only
Equity-to-asset ratio 36.3% Parent only
Capital stock ¥2,141.5 billion Parent only
Payout ratio 74.0% Parent only
Interim dividend per share 35 yen Parent only
Basic earnings (loss) per share 116.15 yen Parent only
Net assets per share 764.77 yen Parent only

Employees (7 items)

ItemValueConsolidated / Non-consolidated
Number of employees 161,576 people Consolidated
Number of employees 161,576 people Consolidated
Average length of service (years) 13.5 years Parent only
Average annual salary ¥11.70 million Parent only
Average age (years) 40.3 years old Parent only
Number of employees 3,637 people Parent only
Number of employees 3,637 people Parent only

Other disclosed items (6 items)

ItemValueConsolidated / Non-consolidated
Gross scope 3 greenhouse gas emissions 1,357,610 t-CO2e Consolidated
Average number of temporary employees 22,200 people Consolidated
Average number of temporary employees 22,200 people Consolidated
Number of associates accounted for using equity method 55 companies Consolidated
Number of consolidated subsidiaries 345 companies Consolidated
Total return on the share price index 202.2% Parent only

Shares (20 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 3,911,075,635 shares Consolidated
Total number of shares held treasury shares etc 571,362,600 shares Consolidated
Number of issues whose number of shares increased shares not listed investment shares held for purposes other than pure investment largest holding company 24 issues Consolidated
Number of issues whose number of shares increased shares other than those not listed investment shares held for purposes other than pure investment largest holding company 1 issues Consolidated
Number of issues whose number of shares decreased shares not listed investment shares held for purposes other than pure investment largest holding company 59 issues Consolidated
Number of issues whose number of shares decreased shares other than those not listed investment shares held for purposes other than pure investment largest holding company 282 issues Consolidated
Total acquisition cost for increased shares shares not listed investment shares held for purposes other than pure investment largest holding company ¥28.1 billion Consolidated
Total acquisition cost for increased shares shares other than those not listed investment shares held for purposes other than pure investment largest holding company ¥23.00 million Consolidated
Total sale amount for decreased shares shares not listed investment shares held for purposes other than pure investment largest holding company ¥7.5 billion Consolidated
Total sale amount for decreased shares shares other than those not listed investment shares held for purposes other than pure investment largest holding company ¥531.6 billion Consolidated
Number of shares 11,867,710,920 shares Consolidated
Shareholding ratio treasury shares etc 4.8% Consolidated
Shareholding ratio 34.6% Consolidated
Number of shares held in own name treasury shares etc 571,362,600 shares Consolidated
Number of voting rights 112,874,617 units Consolidated
Carrying amount on the balance sheet ¥339.5 billion Consolidated
Carrying amount on the balance sheet ¥3,771.8 billion Consolidated
Number of issues 967 issues Consolidated
Number of issues 773 issues Consolidated
Total shareholder return 481.8% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥504.9 billion Consolidated

Audit (11 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥0.5 billion Consolidated
Fees for audit and attestation services - total ¥4.2 billion Consolidated
Fees for audit and attestation services - total ¥5.6 billion Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥4.2 billion Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥5.0 billion Consolidated
Fees for non-audit services - reporting company ¥18.00 million Consolidated
Fees for non-audit services - reporting company ¥0.3 billion Consolidated
Fees for non-audit services - total ¥0.8 billion Consolidated
Fees for non-audit services - total ¥0.4 billion Consolidated
Non audit fees consolidated subsidiaries network firms ¥0.8 billion Consolidated
Non audit fees consolidated subsidiaries ¥0.1 billion Consolidated

Accounts unique to this company (13 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥14.3 billion Consolidated
Revenue ¥8.9 billion Consolidated
Revenue ¥-53.8 billion Consolidated
Revenue ¥4.0 billion Consolidated
Revenue ¥0 Consolidated
Revenue ¥31.1 billion Consolidated
Revenue ¥2.2 billion Consolidated
Revenue ¥15.6 billion Consolidated
Revenue ¥4.7 billion Consolidated
Change in average annual salary from the previous year 7.0% Parent only
Revenue ¥4.0 billion Parent only
Revenue ¥3.1 billion Parent only
Revenue ¥12.1 billion Parent only

Balance sheet (119 items)

ItemValueConsolidated / Non-consolidated
Other ¥650.7 billion Consolidated
Valuation difference on available-for-sale securities ¥1,672.1 billion Consolidated
Other liabilities liabilities bnk ¥22,285.7 billion Consolidated
Other assets ¥28,407.4 billion Consolidated
Other, net ¥463.4 billion Consolidated
Goodwill ¥511.5 billion Consolidated
Commercial papers ¥3,421.9 billion Consolidated
Call money and bills sold liabilities bnk ¥5,307.7 billion Consolidated
Call loans and bills bought assets bnk ¥1,570.2 billion Consolidated
Software ¥793.5 billion Consolidated
Lease assets ¥0.3 billion Consolidated
Lease assets, net ¥14.4 billion Consolidated
Borrowed money from trust account liabilities bnk ¥2,903.4 billion Consolidated
Borrowed money liabilities bnk ¥9,360.0 billion Consolidated
Provision for contingent loss liabilities bnk ¥144.2 billion Consolidated
Payables under securities lending transactions liabilities bnk ¥1,197.2 billion Consolidated
Receivables under securities borrowing transactions assets bnk ¥5,486.0 billion Consolidated
Deferred tax liabilities for land revaluation ¥83.8 billion Consolidated
Retained earnings ¥16,150.4 billion Consolidated
Land ¥599.4 billion Consolidated
Revaluation reserve for land ¥121.0 billion Consolidated
Payables under repurchase agreements liabilities bnk ¥39,147.0 billion Consolidated
Foreign exchanges liabilities bnk ¥2,715.1 billion Consolidated
Foreign exchanges assets bnk ¥2,248.9 billion Consolidated
Buildings, net ¥291.2 billion Consolidated
Construction in progress ¥48.9 billion Consolidated
Provision for directors' bonuses ¥4.0 billion Consolidated
Provision for directors' retirement benefits ¥1.5 billion Consolidated
Acceptances and guarantees ¥14,431.3 billion Consolidated
Customers' liabilities for acceptances and guarantees ¥14,431.3 billion Consolidated
Subscription rights to shares ¥99.00 million Consolidated
Securities ¥85,714.8 billion Consolidated
Property, plant and equipment ¥1,417.3 billion Consolidated
Shareholders' equity ¥17,357.8 billion Consolidated
Accumulated depreciation ¥-1,191.7 billion Consolidated
Foreign currency translation adjustment ¥3,711.5 billion Consolidated
Intangible assets ¥1,956.0 billion Consolidated
Reserves under the special laws2 ¥6.2 billion Consolidated
Trading liabilities liabilities bnk ¥32,038.7 billion Consolidated
Trading assets assets bnk ¥39,995.3 billion Consolidated
Cash and cash equivalents ¥90,045.5 billion Consolidated
Cash and due from banks assets bnk ¥90,045.5 billion Consolidated
Short-term bonds ¥1,217.5 billion Consolidated
Bonds payable ¥15,790.6 billion Consolidated
Net assets ¥23,744.2 billion Consolidated
Net assets ¥23,744.2 billion Consolidated
Total assets ¥431,731.5 billion Consolidated
Deferred gains or losses on hedges ¥-1,262.8 billion Consolidated
Deferred tax liabilities ¥467.0 billion Consolidated
Deferred tax assets ¥147.5 billion Consolidated
Treasury stock ¥-934.1 billion Consolidated
Valuation and translation adjustments ¥4,916.2 billion Consolidated
Negotiable certificates of deposit liabilities bnk ¥17,601.5 billion Consolidated
Liabilities ¥407,987.4 billion Consolidated
Liabilities and net assets ¥431,731.5 billion Consolidated
Monetary claims bought assets bnk ¥7,560.4 billion Consolidated
Receivables under resale agreements assets bnk ¥16,375.7 billion Consolidated
Allowance for doubtful accounts ¥-1,229.9 billion Consolidated
Loans and bills discounted assets bnk ¥133,799.5 billion Consolidated
Capital stock ¥2,141.5 billion Consolidated
Provision for bonuses ¥293.5 billion Consolidated
Remeasurements of defined benefit plans ¥724.2 billion Consolidated
Net defined benefit liability ¥107.3 billion Consolidated
Net defined benefit asset ¥2,646.3 billion Consolidated
Money held in trust ¥1,159.3 billion Consolidated
Non-controlling interests ¥1,470.1 billion Consolidated
Deposit ¥239,439.2 billion Consolidated
Other ¥18.6 billion Parent only
Other ¥121.3 billion Parent only
Other ¥10.8 billion Parent only
Software ¥23.6 billion Parent only
Lease obligations ¥7.1 billion Parent only
Lease obligations ¥2.0 billion Parent only
Lease assets, net ¥8.3 billion Parent only
General reserve ¥150.0 billion Parent only
Retained earnings ¥5,368.5 billion Parent only
Prepaid expenses ¥8.00 million Parent only
Right of trademark ¥65.00 million Parent only
Non-current liabilities ¥13,383.0 billion Parent only
Non-current assets ¥22,785.5 billion Parent only
Buildings, net ¥96.00 million Parent only
Provision for directors' bonuses ¥0.5 billion Parent only
Investments and other assets ¥22,738.6 billion Parent only
Property, plant and equipment ¥12.4 billion Parent only
Accounts receivable - other ¥26.8 billion Parent only
Income taxes payable ¥3.6 billion Parent only
Accrued expenses ¥108.1 billion Parent only
Accounts payable - other ¥32.0 billion Parent only
Shareholders' equity ¥8,718.0 billion Parent only
Current liabilities ¥1,778.8 billion Parent only
Current assets ¥1,010.3 billion Parent only
Intangible assets ¥34.5 billion Parent only
Cash and deposits ¥370.5 billion Parent only
Short-term loans payable ¥1,118.0 billion Parent only
Bonds payable ¥12,768.9 billion Parent only
Net assets ¥8,634.0 billion Parent only
Net assets ¥8,634.0 billion Parent only
Total assets ¥23,795.8 billion Parent only
Deferred gains or losses on hedges ¥-84.1 billion Parent only
Deferred tax assets ¥24.0 billion Parent only
Retained earnings brought forward ¥5,218.5 billion Parent only
Treasury stock ¥-933.5 billion Parent only
Valuation and translation adjustments ¥-84.1 billion Parent only
Liabilities ¥15,161.9 billion Parent only
Liabilities and net assets ¥23,795.8 billion Parent only
Allowance for doubtful accounts ¥-1.4 billion Parent only
Allowance for doubtful accounts ¥-60.00 million Parent only
Capital surplus ¥2,141.5 billion Parent only
Legal capital surplus ¥2,141.5 billion Parent only
Capital stock ¥2,141.5 billion Parent only
Provision for bonuses ¥1.1 billion Parent only
Long-term loans payable ¥602.0 billion Parent only
Long-term income taxes payable ¥1.9 billion Parent only
Shares of subsidiaries and associates ¥9,344.8 billion Parent only
Long-term loans receivable from subsidiaries and affiliates ¥13,371.1 billion Parent only
Deposits received ¥3.2 billion Parent only
Current portion of bonds payable ¥460.8 billion Parent only
Current portion of long term loans receivable from subsidiaries and affiliates ¥491.8 billion Parent only
Current portion of long-term loans payable ¥31.0 billion Parent only

Statement of income (107 items)

ItemValueConsolidated / Non-consolidated
Other comprehensive income ¥710.7 billion Consolidated
Other interest income oibnk ¥830.2 billion Consolidated
Other interest expenses oebnk ¥877.0 billion Consolidated
Other other income oibnk ¥1,871.6 billion Consolidated
Other other expenses oebnk ¥836.0 billion Consolidated
Valuation difference on available for sale securities net of tax ¥328.2 billion Consolidated
Other ordinary income oibnk ¥665.6 billion Consolidated
Other ordinary expenses oebnk ¥446.8 billion Consolidated
Other income ¥1,968.4 billion Consolidated
Other expenses ¥1,012.9 billion Consolidated
Interest on commercial papers ¥148.4 billion Consolidated
Interest on call money and bills sold oebnk ¥33.1 billion Consolidated
Interest on call loans and bills bought oibnk ¥30.7 billion Consolidated
Trust fee ¥163.1 billion Consolidated
Interest on borrowings and rediscounts oebnk ¥134.9 billion Consolidated
Interest on receivables under securities borrowing transactions oibnk ¥154.6 billion Consolidated
Interest on payables under securities lending transactions oebnk ¥11.3 billion Consolidated
Recoveries of written off receivables ¥96.8 billion Consolidated
Dividends from surplus ¥-848.9 billion Consolidated
Comprehensive income ¥3,271.2 billion Consolidated
Net cash provided by (used in) operating activities ¥-23,064.4 billion Consolidated
General and administrative expenses oebnk ¥3,489.6 billion Consolidated
Loss on disposal of noncurrent assets ¥17.0 billion Consolidated
Gain on sale of fixed assets ¥9.7 billion Consolidated
Revaluation reserve for land ¥1.4 billion Consolidated
Revaluation reserve for land net of tax ¥29.00 million Consolidated
Interest on payables under repurchase agreements oebnk ¥1,300.5 billion Consolidated
Gain on liquidation of subsidiaries ¥18.1 billion Consolidated
Net income ¥2,427.2 billion Consolidated
Net income ¥2,427.2 billion Consolidated
Net income (loss) ¥2,560.5 billion Consolidated
Net income (loss) ¥2,560.5 billion Consolidated
Fees and commissions oibnk ¥2,666.4 billion Consolidated
Fees and commissions payments oebnk ¥439.5 billion Consolidated
Net cash provided by (used in) investing activities ¥4,474.0 billion Consolidated
Gain on change in equity ¥5.00 million Consolidated
Loss on change in equity ¥19.8 billion Consolidated
Share of other comprehensive income of investments accounted for using equity method ¥257.0 billion Consolidated
Interest and dividends on securities oibnk ¥1,836.4 billion Consolidated
Gain on step acquisitions ¥20.8 billion Consolidated
Income taxes - current ¥853.4 billion Consolidated
Income taxes ¥761.6 billion Consolidated
Income taxes - deferred ¥-91.8 billion Consolidated
Impairment loss ¥67.9 billion Consolidated
Foreign currency translation adjustment net of tax ¥312.3 billion Consolidated
Extraordinary income ¥48.7 billion Consolidated
Extraordinary loss ¥136.7 billion Consolidated
Trading income oibnk ¥433.4 billion Consolidated
Trading expenses oebnk ¥103.9 billion Consolidated
Effect of exchange rate change on cash and cash equivalents ¥690.4 billion Consolidated
Net increase (decrease) in cash and cash equivalents ¥-19,049.9 billion Consolidated
Interest on short term bonds ¥13.7 billion Consolidated
Interest on bonds ¥474.1 billion Consolidated
Income (loss) before income taxes ¥3,322.2 billion Consolidated
Income (loss) before income taxes ¥3,322.2 billion Consolidated
Ordinary income ¥3,410.2 billion Consolidated
Ordinary revenue ¥14,620.8 billion Consolidated
Ordinary expenses bnk ¥11,210.7 billion Consolidated
Deferred gains or losses on hedges net of tax ¥-358.6 billion Consolidated
Disposal of treasury stock ¥2.1 billion Consolidated
Purchase of treasury stock ¥-500.1 billion Consolidated
Comprehensive income attributable to owners of parent ¥3,086.3 billion Consolidated
Interest on negotiable certificates of deposit oebnk ¥638.1 billion Consolidated
Net cash provided by (used in) financing activities ¥-1,149.9 billion Consolidated
Interest on receivables under resale agreements oibnk ¥570.6 billion Consolidated
Provision of allowance for doubtful accounts ¥177.0 billion Consolidated
Interest on loans and discounts oibnk ¥4,214.2 billion Consolidated
Financing expenses ¥5,717.9 billion Consolidated
Interest income ¥8,723.9 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥169.6 billion Consolidated
Provision of reserve for financial futures transaction liabilities ¥0.9 billion Consolidated
Comprehensive income attributable to non-controlling interests ¥184.9 billion Consolidated
Net income (loss) attributable to non-controlling interests ¥133.3 billion Consolidated
Interest on deposits with banks oibnk ¥1,087.1 billion Consolidated
Interest on deposits oebnk ¥2,086.8 billion Consolidated
Other ¥16.8 billion Parent only
Other ¥3.7 billion Parent only
Dividends from surplus ¥-848.9 billion Parent only
Interest income ¥395.3 billion Parent only
Dividend income ¥1,414.3 billion Parent only
Operating income ¥1,399.8 billion Parent only
Operating revenue ¥1,455.6 billion Parent only
Non-operating income ¥412.1 billion Parent only
Non-operating expenses ¥426.3 billion Parent only
Operating expenses ¥55.9 billion Parent only
Loss on retirement of non-current assets ¥0.1 billion Parent only
Income taxes for global minimum tax ¥3.2 billion Parent only
Loss on valuation of shares of subsidiaries ¥53.6 billion Parent only
Net income (loss) ¥1,322.8 billion Parent only
Net income (loss) ¥1,322.8 billion Parent only
Interest expenses ¥25.7 billion Parent only
Commission fees ¥7.7 billion Parent only
Income taxes - current ¥4.9 billion Parent only
Income taxes ¥9.0 billion Parent only
Income taxes - deferred ¥0.9 billion Parent only
Depreciation ¥10.0 billion Parent only
Extraordinary loss ¥53.7 billion Parent only
Interest on bonds ¥384.1 billion Parent only
Bond issuance cost ¥12.7 billion Parent only
Income (loss) before income taxes ¥1,331.9 billion Parent only
Ordinary income ¥1,385.6 billion Parent only
Salaries and allowances sgaivt ¥16.4 billion Parent only
Disposal of treasury stock ¥2.1 billion Parent only
Purchase of treasury stock ¥-500.1 billion Parent only
Selling, general and administrative expenses ¥55.9 billion Parent only
Provision of allowance for doubtful accounts ¥0.2 billion Parent only
Commissions from subsidiaries and affiliates ¥41.3 billion Parent only

Statement of changes in equity (3 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥2,016.0 billion Consolidated
Net changes in items other than shareholders' equity ¥918.7 billion Consolidated
Total changes during the period ¥-24.1 billion Parent only

Statement of cash flows (64 items)

ItemValueConsolidated / Non-consolidated
Other ¥-3,271.8 billion Consolidated
Other ¥-1.2 billion Consolidated
Amortization of goodwill ¥41.8 billion Consolidated
Net increase decrease in commercial papers ope cfbnk ¥-67.7 billion Consolidated
Net increase decrease in call money ope cfbnk ¥-4,525.2 billion Consolidated
Net decrease increase in call loans ope cfbnk ¥1,869.1 billion Consolidated
Increase decrease in provision for point card certificates ¥1.2 billion Consolidated
Net increase decrease in borrowed money from trust account ope cfbnk ¥-2,034.6 billion Consolidated
Net increase decrease in borrowed money excluding subordinated borrowings ope cfbnk ¥-12,878.9 billion Consolidated
Increase decrease in provision for contingent loss ¥-8.8 billion Consolidated
Net increase decrease in payables under securities lending transactions ope cfbnk ¥499.4 billion Consolidated
Net decrease increase in receivables under securities borrowing transactions ope cfbnk ¥284.0 billion Consolidated
Increase in subordinated borrowings fin cfbnk ¥70.0 billion Consolidated
Decrease in subordinated borrowings fin cfbnk ¥-51.5 billion Consolidated
Payments for redemption subordinated bonds and bonds with subscription rights to shares fin cfbnk ¥-410.0 billion Consolidated
Proceeds from issuance of subordinated bonds and bonds with subscription rights to shares fin cfbnk ¥588.7 billion Consolidated
Loss (gain) on disposal of non-current assets ¥7.3 billion Consolidated
Net increase decrease in foreign exchanges liabilities ope cfbnk ¥204.1 billion Consolidated
Net decrease increase in foreign exchanges assets ope cfbnk ¥-320.0 billion Consolidated
Subtotal ¥-22,625.5 billion Consolidated
Increase decrease in provision for directors bonuses ¥0.4 billion Consolidated
Increase decrease in provision for directors retirement benefits ¥0.7 billion Consolidated
Equity in earnings losses of affiliates ¥-845.5 billion Consolidated
Decrease (increase) in straight bonds by redemption (issue) ¥1,413.2 billion Consolidated
Proceeds from redemption of securities ¥39,902.5 billion Consolidated
Purchase of securities inv cfbnk ¥-108,294.1 billion Consolidated
Proceeds from sales of securities inv cfbnk ¥73,570.2 billion Consolidated
Loss gain related to securities ope cfbnk ¥-308.8 billion Consolidated
Purchase of property plant and equipment ¥-307.9 billion Consolidated
Proceeds from sales of property plant and equipment ¥78.9 billion Consolidated
Increase (decrease) in provision for share awards ¥3.2 billion Consolidated
Income taxes paid ¥-509.4 billion Consolidated
Income taxes refund ¥70.4 billion Consolidated
Depreciation ¥410.8 billion Consolidated
Impairment loss ¥67.9 billion Consolidated
Foreign exchange loss (gain) ¥-3,309.4 billion Consolidated
Purchase of intangible assets ¥-365.2 billion Consolidated
Proceeds from sale of intangible assets ¥0.2 billion Consolidated
Net increase decrease in trading liabilities ope cfbnk ¥12,266.2 billion Consolidated
Net decrease increase in trading assets ope cfbnk ¥-13,459.5 billion Consolidated
Net increase decrease in short term corporate bonds ope cfbnk ¥-155.8 billion Consolidated
Adjustment of unsettled trading accounts ope cfbnk ¥-656.9 billion Consolidated
Regarding purchase of treasury stock ¥-500.2 billion Consolidated
Proceeds from sales of treasury stock ¥3.9 billion Consolidated
Net increase decrease in negotiable certificates of deposit ope cfbnk ¥226.3 billion Consolidated
Increase (decrease) in allowance for doubtful accounts ¥-25.2 billion Consolidated
Net decrease increase in loans and bills discounted ope cfbnk ¥-11,155.7 billion Consolidated
Repayments of financing ¥-5,673.9 billion Consolidated
Financing expenses ¥5,717.9 billion Consolidated
Proceeds from fund management ope cfbnk ¥8,555.1 billion Consolidated
Interest income ¥-8,723.9 billion Consolidated
Increase (decrease) in provision for bonuses ¥37.6 billion Consolidated
Increase (decrease) in net defined benefit liability ¥0.3 billion Consolidated
Inorease (decrease) in asset for retirement benefits ¥-81.0 billion Consolidated
Payments for acquisition in subsidiaries resulting in change in scope of consolidation ¥-36.7 billion Consolidated
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation ¥-1.2 billion Consolidated
Proceeds from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation ¥29.6 billion Consolidated
Dividends ¥-848.4 billion Consolidated
Increase in money held in trust ¥-1,409.9 billion Consolidated
Decrease in money held in trust ¥1,337.0 billion Consolidated
Loss (gain) on money held in trust ¥-7.2 billion Consolidated
Proceeds from share issuance to non controlling shareholders ¥3.4 billion Consolidated
Dividends paid to non-controlling interests ¥-38.9 billion Consolidated
Net increase decrease in deposit ope cfbnk ¥9,955.5 billion Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥-23,064.4 billion ConsolidatedDisclosed
Dividend per share 86 Parent onlyDisclosed
Number of employees 161,576 ConsolidatedDisclosed
Net assets ¥23,744.2 billion ConsolidatedDisclosed
Operating income ¥1,399.8 billion Parent onlyDisclosed
Operating revenue ¥1,455.6 billion Parent onlyDisclosed
Ordinary income ¥3,410.2 billion ConsolidatedDisclosed
Net income ¥2,427.2 billion ConsolidatedDisclosed
Total assets ¥431,731.5 billion ConsolidatedDisclosed
Operating margin 96.2%Parent onlyCalculated
Net margin Cannot be calculatedNot applicableNot calculated (consolidated numerator, parent-only denominator)
Sales per employee 400230135 yenParent onlyCalculated
Total asset turnover Cannot be calculatedNot applicableNot calculated (parent-only numerator, consolidated denominator)
Net assets to total assets 5.5%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 96.2%　Operating income ÷ net sales 　＝ ¥1,399.8 billion ÷ ¥1,455.6 billion
    Operating income ÷ net sales. The denominator is Operating revenue (Parent only, Japanese GAAP).
  • Sales per employee 400,230,135 yen　Sales or operating revenue ÷ employees 　＝ ¥1,455.6 billion ÷ 3,637 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Parent only, Japanese GAAP).
  • Net assets to total assets 5.5%　Net assets ÷ total assets 　＝ ¥23,744.2 billion ÷ ¥431,731.5 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative　President and Representative Executive Officer, gBizINFO
  • Consolidated subsidiaries　Annual Securities Report

Business activities and revenue composition

  • Breakdown by business: machine transcription of segment information (business divisions used in disclosures) in the annual securities report. No table where segment sales differ from the disclosed total by more than 1%, or where the company reports a single business

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Return on assets (ROA)　Net income ÷ total assets (consolidated)
  • Net assets per share　Consolidated
  • Free cash flow　Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets　Consolidated
  • Goodwill (the part of the acquisition price above the net assets acquired)　2% of net assets (consolidated)

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion　Net cash provided by (used in) operating activities ÷ operating income
  • Property, plant and equipment purchases relative to depreciation　Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥307.9 billion, over depreciation ¥410.8 billion
  • Extraordinary gains and losses relative to ordinary profit　(extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥48.7 billion − extraordinary loss ¥136.7 billion, over ordinary income ¥3,410.2 billion

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Banks that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years.

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 161,576 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Banks that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee　Net sales (or operating revenue) ÷ employees
  • Operating income per employee　Operating income ÷ employees
  • Average temporary staff　Consolidated, average headcount other than regular employees

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of Mitsubishi UFJ Financial Group, Inc. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 4010001073486 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork